On August 8, 2020, President Trump announced an executive action to allow employers to provide a tax holiday for their employee’s portion of Federal Insurance Contributions Act (FICA) taxes. On Friday, August 28, the Internal Revenue Service (IRS) issued guidance to implement the Executive Memorandum.
Editor’s Note: These updated forms and instructions should be passed to your club’s accountant to ensure full compliance with the Affordable Care Act. On August 7 the Internal Revenue Service (IRS) issued new drafts of forms and instructions for 2015 Forms 1094-B and 1095-B, and
Q. What does it take to be a “well-governed” club in the eyes of the IRS? A: Tax-exempt clubs that file Form 990 (Federal Return of Organization Exempt from Income Tax) annually with the Internal Revenue Service (IRS) Part VI, Section B questions 12, 13 and 14
This August the Internal Revenue Service (IRS) released draft instructions for Forms 1094-C, 1095-C and other tax forms in order to collect information regarding employer provided health care plans. These forms affect employers under the Affordable Care Act’s (ACA) Employer Mandate (generally employers with 50
Final Tangible Property Regulations (TARS) are here after a near decade-long production. Commonly called “repair regulations,” these rules try to clarify a very complicated portion of tax law. They affect all taxpayers that use tangible property in their businesses. These comprehensive regulations include more than
For nearly four years, NCA has been educating and advising private clubs on the administrative and economic impact the Affordable Care Act will have on their operations. From tracking employee hours, to altering the number of months seasonal workers can be on property, and planning
For nearly four years, NCA has been educating and advising private clubs on the administrative and economic impact the Affordable Care Act will have on their operations. From tracking employee hours, to altering the number of months seasonal workers can be on property, and planning
In less than 10 months, the Patient Protection and Affordable Care Act (ACA) will go into full effect. With that in mind, club leaders should be thinking about how this law will impact their bottom lines and their employees. Most importantly, club general managers should
The Internal Revenue Service (IRS) has been conducting a compliance project with respect to the reporting of investment income by the social clubs exempt from income tax under Section 501(c)(7) of the Internal Revenue Code (IRC). In its Fiscal Year 2011 Work Plan, the IRS’s
In the late 1990s the Internal Revenue Service was the subject of hearings on Capitol Hill. One member of Congress after another took to the airwaves to chastise the IRS for its mistreatment of taxpayers. Regardless of whether the abuse of the IRS by Congress